Friday, February 6, 2009

Asia stocks rise on hopes for US stimulus

HONG KONG: Asia stocks rose on Fridayahead of a vote on a massive U.S. stimulus package, while the yen edged up against the dollar, with U.S. employment data likely to reflect a deep recession.Most other currencies beside the dollar and U.S. Treasuries were stuck in a narrow trading range, with the market's attention focussed on the fate of stimulus measures and a "bad bank" scheme to separate the toxic assets plaguing financial institutions, which is set to be announced next week.Economic data in most countries has overwhelmingly pointed to severe weakness, but investors would like to see the size and scope of the next U.S. stimulus effort to determine how quickly a recovery could take shape. The U.S. Senate is debating a $920 billion plan but it could shrink before being passed.

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